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Transaction Steps
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Responsibility,
Key Support
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| 1. |
Determine that the majority of shareholders are comfortable with the idea of selling. |
Veber Partners,
Key Shareholders
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| 2. |
Conduct a brief Businessman's Review including management's operating approach, financial history, products and growth prospects.
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Veber Partners,
Senior Management
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| 3. |
Determine a reasonable value for the business.
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Veber Partners
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| 4. |
Develop a price and general terms acceptable to shareholders. |
Veber Partners, Key Shareholders
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| 5. |
Anticipate tax issues for shareholders and determine preferred structure for the sale (asset sale, stock sale, etc.). |
Veber Partners,
Tax Advisor, Legal Advisor
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| 6. |
Prepare an Offering Memorandum - a summary of the company's operating and financial history, strengths, and future opportunities. |
Veber Partners,
Senior Management
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| 7. |
Determine an "A" list and "B" list of potential buyers including both strategic and financial buyers. Veber Partners,
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Veber Partners,
Senior Management,
Key Shareholders
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| 8. |
Discretely let the A and B list of potential buyers know of the potential interest in a sale or merger. |
Veber Partners
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| 9. |
Obtain expressions of interest and obtain background information, including their reputation and financial ability to successfully complete a transaction. |
Veber Partners
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| 10. |
Select the best candidate buyers and meet with them. Learn about their business, strategies and financial strength and tell them about your business. |
Veber Partners,
Key Shareholders, Senior Management
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| 11. |
Negotiate a mutually agreeable Letter of Intent which generally describes the transaction. |
Veber Partners,
Key Shareholders,
Legal Advisor
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| 12. |
Assist the candidate buyers with their detailed review (due diligence) of your company. |
Veber Partners,
Accounting Advisor, Senior Management, Key Shareholders
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| 13. |
Notify interested parties (such as officers or employees) of the impending transaction if deemed necessary. |
Key Shareholders,
Senior Management
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| 14. |
Review, contrast and compare each offer considering both tangible and intangible issues. |
Veber Partners,
Key Shareholders, Senior Management
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| 15. |
Select the most likely buyer and negotiate the detailed terms and any adjustments in price or terms based on diligence results. Veber Partners, Key Shareholders,
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Veber Partners,
Key Shareholders,
Senior Management
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| 16. |
Complete an orderly funding and closing. |
Legal Advisor,
Key Shareholders,
Senior Management, Veber Partners
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| 17. |
Notify all interested parties of the impending transaction (including employees) and assist in the merging of the companies' operations. |
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